Alcoa Beats Profit Estimates on Higher Aluminum Demand

Aloca Inc. unofficially kicked-off the third-quarter earnings season with better-than-estimated profit making a stronger comeback in 2014.

Alcoa posted $370 million in net income excluding special items or 31 cents per share, triple the $120 million in the third quarter of 2013. Wall Street called for profit of 21 cents per share.

Shares in Alcoa climbed 0.75% on Wednesday’s regular trading before rising another 2.2% in after-hours.

Shares were up 4% in premarket trade. The company has now seen its stock jumped more than 100% over the past 12 months.

One year after being kicked out from the Dow Jones Industrial Average, and after finishing last year behind the broader market indices, the U.S. largest aluminum producer is looking peachier than ever.

An 11% quarter-over-quarter increase in aluminum prices as well as strong demand in the aerospace and automotive industries were the biggest reasons behind Alcoa’s strong results.

For full-year performance, Alcoa expects 7% demand growth for aluminum for 2014, in addition to sales growth of 8-9% in global aerospace.